LatAm List – Jooycar leverages the power of the IoT to constantly monitor your car’s usage metrics, which can be shared with insurance companies or fleet management companies. Founded by Maria Paz Gillet, a serial entrepreneur who created the first e-commerce shop for Chile in 2006, Jooycar is Latin America’s first Usage Based Insurance platform.
Jooycar will now expand into the US market with a US$3M investment led by HCS Capital, a Chilean fund based in Miami.
“We have continued to be impressed by Jooycar’s achievements over the past 3 years. Their impressive platform, which will allow them to rapidly scale, combined with their team and vision for growth in the U.S. and Latin American markets is an exciting combination and we are proud to be a part of Jooycar’s growth and U.S. expansion,” said HCS Capital CEO, Alex Horvitz.
The startup previously received investment from Magma Partners, the only fully-private fund in Chile. As Jooycar moves its headquarters to the US, Maria Paz will step into the role of Chief Innovation Officer (CIO) while Rodrigo Labbé, ex-director of marketing of DirecTV Chile, will take over as CEO.
The startup will use the funding to perfect its connected-car platform and to support one million connected cars in Latin America by 2021. They also plan to enter the Brazilian and Mexican markets to continue to learn and innovate.